Market Remains Tentatively Bullish

Today we will let the charts do most of the talking. Below are updated versions
of charts we have posted in the last ten days or so with some brief comments.

Market breadth continues to show bullish improvement from an intermediate-term
perspective. (See original chart in this post.)

The ratio of "greed to fear" closed below two of the blue support lines below,
but it still remains in a short-term indecision pattern (see green box). The
ROC and Wm%R show the momentum for fear peaked around April 9 and has not shown
considerable strength since then (red circle and orange box). (Original
chart)

Tuesday's session ended in a weak manner. The moving averages below should
spark some interest from buyers should we revisit the 1,380 to 1,390 range
(green arrows). (Original
chart)

The S&P 500 has moved into the "white space" in the chart below, but Tuesday's
bar shows indecision at these levels. (Original
chart)

Commodities have two decent looking candlesticks above the pink support line,
which is encouraging, especially if it can hold into week's end. (Original
chart)

The German DAX remains above the intersection of the pink trendlines, which
leans bullish longer-term as long as the levels are not breached on the downside.
(Original
chart)

Chris Ciovacco is the Chief Investment Officer for Ciovacco
Capital Management, LLC. More on the web at www.ciovaccocapital.com.

All material presented herein is believed to be reliable
but we cannot attest to its accuracy. Investment recommendations may change
and readers are urged to check with their investment counselors and tax advisors
before making any investment decisions. Opinions expressed in these reports
may change without prior notice. This memorandum is based on information available
to the public. No representation is made that it is accurate or complete. This
memorandum is not an offer to buy or sell or a solicitation of an offer to
buy or sell the securities mentioned. The investments discussed or recommended
in this report may be unsuitable for investors depending on their specific
investment objectives and financial position. Past performance is not necessarily
a guide to future performance. The price or value of the investments to which
this report relates, either directly or indirectly, may fall or rise against
the interest of investors. All prices and yields contained in this report are
subject to change without notice. This information is based on hypothetical
assumptions and is intended for illustrative purposes only. THERE ARE NO WARRANTIES,
EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM
ANY INFORMATION CONTAINED IN THIS ARTICLE.

Ciovacco Capital Management, LLC is an independent money
management firm based in Atlanta, Georgia. CCM helps individual investors and
businesses, large & small; achieve improved investment results via research
and globally diversified investment portfolios. Since we are a fee-based firm,
our only objective is to help you protect and grow your assets. Our long-term,
theme-oriented, buy-and-hold approach allows for portfolio rebalancing from
time to time to adjust to new opportunities or changing market conditions.